摘 要

随着知识经济时代的到来，创新对企业的生存和发展的重要性日益增强。近年来，我国在研发活动领域不断加强投入力度，加快建设创新型国家的步伐。为了提升自身竞争能力，企业对创新活动的投入也逐渐增加。研发投入与企业绩效之间的关系，成为信息使用者预测研究企业乃至整个行业未来发展前景的重要参考依据。以光热行业作为研究对象，通过探讨技术创新对企业绩效的影响，可以帮助企业更高效地进行创新活动，增强企业实力。

本文以30家光热行业上市公司2013——2015年相关年报数据作为样本，选用企业Ramp;D投入强度作为反映企业创新活动的指标，分别从长期和短期的角度研究创新与企业绩效之间的关系。其中企业短期综合绩效指标是将反映企业盈利能力、偿债能力、发展能力、营运能力的总计16个指标进行主成分分析而得到的综合指标。企业长期综合绩效指标将企业的股本收益率和Tobin's q进行综合，最终得出一个企业长期综合绩效指标。本文引入企业规模、公司成立时间、财务杠杆作为控制变量，利用多元回归模型研究技术创新和企业绩效之间的当期关系以及滞后性效果。

研究发现，我国光热行业上市公司Ramp;D投入强度均值皆大于国际公认的企业生存所Ramp;D投入水平（2%），但是分布不均，高投入和低投入情况同时存在。某些企业甚至连续三年存在零Ramp;D投入强度的情况，这意味着业内一些公司仍未意识到创新的重要性，固守传统优势项目，不重视升级转型。企业的Ramp;D投入强度和当期企业绩效显著正相关，并且Ramp;D投入强度对企业综合长期绩效存在着滞后性的影响，对滞后两期的绩效影响大于滞后一期的绩效影响。

根据研究结论，本文从企业和政府两个主体的角度，提出如下建议：企业应加强创新意识，加大创新投入，将创新规划到公司发展战略里去；并且应当着眼长远发展、避免短视行为；同时政府要加大政策扶持，鼓励企业创新。

关键词：技术创新；光热行业；企业绩效；Ramp;D投入

ABSTRACT

窗体顶端

With the advent of the era of knowledge economy, the importance of innovation to the survival and development of enterprises is gradually highlighted. In recent years, China continues to strengthen the intensity of investment in the field of Ramp;D activities, to accelerate the pace of building an innovative country. In order to enhance their own competitiveness, business investment in innovation activities have gradually increased. The relationship between business and performance of Ramp;D investment has been a useful tool for information users to predict the future development of enterprises and the industry. Taking the light and heat industry as the research object, by discussing the impact of innovation on the performance of the enterprise, we can help us to carry out the innovation activities more efficiently and enhance the enterprise strength.

In this paper, the data of Ramp;D, which are 30 listed companies from 2013——2015, are selected as the sample. And the Ramp;D input intensity is used as the index to reflect the innovation activities of the enterprise. The relationship between innovation and enterprise performance is studied from the perspective of long-term and short-term. The short-term comprehensive performance index is a comprehensive index which will reflect the profitability, solvency, development ability and operation capacity of the 16 indicators. The long-term comprehensive performance indicators will be the enterprise's equity return and Tobin's Q to synthesize an long-term comprehensive performance indicators. This paper introduces the enterprise scale, the establishment of the company, the financial leverage as a control variable, the use of multiple regression model to study innovation and business performance between the current relationship and lag effect.

It is found that the Ramp;D input intensity of China's light and heat industry listed companies is 2% higher than that of internationally recognized enterprises. However, there are zero Ramp;D input intensity, with the high input and low input both exist. It means that some companies in the industry are still unaware of the importance of innovation, adhere to the traditional advantages of the project, do not attach importance to upgrading and transformation; Ramp;D investment strength and the current business performance significantly positive correlation, and Ramp;D investment strength of the enterprise long-term performance exists. The impact of lagging performance on the lagged performance is greater than that of the lagged one.

According to the study conclusion, this paper from the enterprise and government two main point of view, the following recommendations: enterprises should strengthen the sense of innovation, increase investment in innovation, innovation planning to the company's development strategy; and should focus on long-term development; At the same time the government should increase policy support to encourage business innovation.

Key Words: Technological innovation；Solar-thermal industry；Enterprise performance；Ramp;D investment

目 录

第1章 绪论 1

1.1 选题背景、研究目的及意义 1

1.2 国内外研究综述 2

1.3 研究内容与方法 3

第2章 理论基础 5

2.1 相关概念和内涵 5

2.2 理论基础 6

第3章 研究假设与模型设计 8

3.1 研究假设 8

3.2 模型设计 9

3.3 样本选择和数据来源 9

3.4 研究变量选取 9

3.5 企业绩效指标的建立 11

第4章 实证检验与分析 17

4.1 描述性统计分析 17

4.2 相关性分析 19

4.3 回归分析 20

第5章 结论和建议 22

5.1 研究结论 22

5.2 建议 22

参考文献 24

致谢 26

附录 27

第1章 绪论

1.1 选题背景、研究目的及意义

1.1.1 选题背景

随着知识经济时代的到来，创新对企业的生存和发展的重要性日益增强。如何提高自身的竞争力，抢占更多的市场份额，成为了企业研究思考的一个热点问题。企业进行创新活动对提高自身竞争力，对促进行业发展乃至促进创新型国家的建设都具有重要意义。行业组织理论认为，企业若要建立和维持其竞争优势，研发投入的作用至关重要。研发投入是衡量企业创新活动开展情况的一个重要指标，也是本文所选取的创新指标。

从宏观政策层面来看，近年来，我国对创新发展非常重视，提出了建设创新型国家的战略目标，国家的科学实力在近几年也在快速成长。李克强总理在2014年9月的夏季达沃斯论坛上，提出了“大众创业，万众创新”的号召。我国提出“十二五”期间将促进太阳能多元化利用，光热行业处于一个不断发展的黄金时期。研究创新对光热行业企业绩效的影响，对于企业管理者、投资者以及政府都具有重要的意义。